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Sparkelyrainbowgirl

After America departed from the gold standard, what makes the USD different from monopoly money?

Jack:

Because the US Dollar is Fiat Currency, backed by hollow promises and nothing else. In economics, fiat currency is money that is backed by government demand for it as legal tender in payment of legal liabilities, such as taxes.
Without government demand for legal tender, such as bank notes, only specie is unlimited legal tender. Since the government no longer issues US currency, our "central bank", the Federal Reserve Bank does it independently, therefore driving the forces of inflation and recession.

http://en.wikipedia.org/wiki/Fiat_money
http://en.wikipedia.org/wiki/Fractional_reserve#Increased_money_supply​_and_inflation

WHEN (not if) there is sufficient economic pressure exerted on a fiat currency that is backed by nothing of intrinsic value (gold, silver, platinum, etc), the currency will have to be bolstered with more "printing press money", fanning the fires of inflation, then hyperinflation, and finally the worthless currency will collapse into financial chaos. It is only a matter of time.

Dingo:

color

PA:

On the gold standard you could demand gold for your paper money. Now it is only the promise of the government that you will get value for it.

Rettag:

Not much - you wanna buy Park Place?

Sparkelyrainbowgirl:

Sure, you can have Fallujah and Sadar City for trade?

Jack:

LOL

Jace:

I have several thousand dollars in Monopoly money if you care to swap it for USD!

Sparkelyrainbowgirl:

You sure you can beat the rate that China prints them at? Who cares that they use arsenic in the ink?

Jace:

Yeah... and tonite I heard that they've been using lead paint on toys sold by Mattel in the US.

MaggieD:

Our money is guaranteed by the "Full Faith and Credit of the United States of America." (There's a cheap shot here...I won't take it.)

Sparkelyrainbowgirl:

Thats why the money says "In God We Trust"?

Jack:

I God we trust, all others pay in gold!

"Full faith and credit ..." was a clause that once to meant something. That was back when we were not beholden to a central bank that has NEVER had a public audit!

Now, read the pathetic weasle words on the currency in your wallet ... "Legal tender for all debts public and private". Now run to the restroom to puke.

Armed with that vital information, and the fact that Starbucks MAY chose to honor it, will get you a cup of designer coffee almost anywhere in the land. ;-)

Hello:

Monopoly money is a bit more fun to play with, much more colorful and a lot less dirty.

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